In times like these, for many of us, our financial circumstances have been significantly impacted – negatively, not for everyone, but for the majority!
Changing our lifestyle to accommodate the lockdown has become essential living and fast becoming a way of being and doing. The pandemic has forced us to change in many ways, not least the way we spend our hard-earned cash. Being restricted to just buying the ‘essentials’, the question of how does one manage to balance the temptations between our wants (desires) and needs (essentials) arises.
When most of our previous spending habits have been directed towards buying our wants, now could be a good time to refocus our priorities, and concentrate on saving money by only spending on our needs.
First, we have to identify what those needs are. Then we can better manage our expectations and our budget. Consequently, we are already hearing of people who are saving money through being locked down since they’re not spending money on eating out, the gym, entertainment, beauty salons, fashion and so on.
So, the lockdown has helped some of us manage our expenses, and or even save some money.
When money is something you value, then you are more likely to question how important the things we want really are. Also, to question how will having these things help us get through this unprecedented situation? In all probability they won’t, but they may (temporarily at least) bring us some joy and that’s worth something. However, when we consider Maslow’s theory Hierarchy of Needs, we may better understand how to navigate our way through a much-needed shift in mind-set/attitude in order to survive/get through this.
So if not now, when would be the right time to ask yourself ‘how can I change the way I spend, and what can help me nurture my mental, spiritual, psychological and emotional wellbeing’?
Make it an enjoyable exercise to brainstorm your wants vs your needs. Then establish a way to manage your expenses, save some money and learn a new way of being grateful for the things that are important to you, your survival and happiness!
Amandeep Dhillon, IAPC&M APC
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